Luxembourg Confiscates PETRONAS Units in RM66 bil Case

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Luxembourg court bailiffs have issued a second seizure order for two units of Malaysian state oil firm, PETRONAS, following the bid by the descendants of a former sultanate to enforce a $14.9bn or RM66 bil arbitration award against Malaysia.

The heirs of the last Sultan of Sulu are seeking to enforce the award granted to them by a French arbitration court last year, amid a long-running dispute with the Malaysian government over a colonial-era land deal. Malaysia, which did not participate in the arbitration, has maintained that the process is illegal.


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It is not over yet, Petronas

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